Investment Rating - The report maintains a "Buy" rating for Li Ning with a target price of HK$26.55, indicating a potential upside of 33% from the current price of HK$19.90 [1][2][3]. Core Insights - The report projects a revenue growth of 5.2% year-on-year for 2024, reaching RMB 29.03 billion, and a net profit growth of 5.1% to RMB 3.35 billion, maintaining a net profit margin of 11.5% [3][4]. - The company is focusing on growth drivers such as running shoes and basketball products, with plans to expand its product lines and optimize store configurations in lower-tier cities [3][4]. - The report slightly adjusts the target price down by 0.5% but maintains the earnings forecasts for 2024-2026, with expected revenue growth rates of 5.2%, 6.0%, and 5.8% respectively [4][6]. Summary by Sections Financial Projections - Revenue for 2024 is projected at RMB 29,033 million, with a gross profit margin of 49.6% [5][6]. - The net profit for 2024 is expected to be RMB 3,349 million, with an EPS of RMB 1.30 [5][6]. - The report anticipates a stable management expense ratio of 4.6% and an increase in sales expense ratio to 33.3% [6]. Market Position and Strategy - Li Ning plans to launch new products in the running and basketball categories, targeting both high-end and value segments to capture market share [3][4]. - The company aims to open 75 new stores in 2024, focusing on lower-tier cities while closing underperforming stores in higher-tier cities [3][4]. Valuation Metrics - The report maintains a P/E ratio of 17x for 2025, with a slight adjustment in net profit forecasts for 2024-2026 [4][6]. - The projected net profit for 2025 and 2026 is RMB 3,673 million and RMB 4,023 million respectively, with corresponding EPS of RMB 1.42 and RMB 1.56 [5][6].

2024 年4 月26 日 消费服务: 中性 证券研究报告 / 公司更新报告 九毛九国际 (9922 HK, 买入, 目标价: HK$6.10) 太二短期受制于高基数，怂变革成效有待观察 目标价: HK$6.10 当前股价: HK$4.79 • 太二短期受制于高基数，未来有望继续稳步增长； 股价上行/下行空间 +27% 52周最高/最低价 (HK$) 17.90/4.42 • 怂着手变革寻找新需求，未来发展有待进一步观察； 市值 (US$mn) 879 • 维持买入评级，下调目标价13%至6.10 港元，对应15 倍2024 年P/E。 当前发行数量(百万股) 1,437 三个月平均日交易額 10 太二短期受制于高基数，未来业绩有望继续稳步增长：1）在相对高基数下，太二1Q24 同 (US$mn) 流通盘占比 (%) 100 店销售同比下滑13.9%，翻台率回落至3.9 次/天。3 月随基数效应逐步减弱，下滑程度环 主要股东 (%) 比有所收窄。2）太二将加快推新节奏，尝试将更具性价比的黑鱼引入堂食菜单、继续寻找 GYH J Limited 37 川渝菜品，并推出学生优惠与儿童套餐等扩充目标客群。假设2024 ...

2024 年4 月24 日 医药: 超配 证券研究报告 / 业绩点评报告 片仔癀 (600436 CH, 买入, 目标价: RMB282.55) 提价带动肝病用药营收高速增长；分红率大幅提升 目标价: RMB282.55 当前股价: RMB227.39 • 我们预测，2023-26 年营收 /归母净利润 CAGR 分别为13%/ 22%。 股价上行/下行空间 +24% 52周最高/最低价 (RMB) 321.00/180.69 • 1Q24 业绩恢复较高增长；主要由肝病用药部门和化妆品业务驱动。 市值 (US$mn) 18,939 • 重申买入，将DCF（WACC ：7.3%）目标价下调至282.55 元。 当前发行数量(百万股) 603 三个月平均日交易額 68 1Q24 业绩恢复较高增长：根据公司公告，片仔癀2023 年实现营收/ 归母净利润100.6/ (US$mn) 流通盘占比 (%) 100 28.0 亿元，同比增长16%/ 13%。毛利率同比提高1.1ppts 至46.8%，销售费用率 /管理 主要股东 (%) 费用率分别为7.8%/ 3.6%，同比+2.2ppts/ -0.2ppts，销售费用同 ...

Investment Rating - The report assigns a "Hold" rating to Guoxuan High-Tech with a target price of RMB 16.70 [1][5] Core Views - Guoxuan High-Tech delivered 45.3 GWh of power and energy storage batteries in 2023, with net profit attributable to the parent company increasing by 201.3% YoY [1] - The company's overseas business is expected to account for 60% of total revenue in 2024, up from 30% in 2023 [1][5] - The report downgrades the target price to RMB 16.70 and the rating to "Hold" due to intensified competition in the domestic battery industry and a higher PEG ratio compared to industry peers [5] Financial Performance - In 2023, Guoxuan High-Tech achieved revenue of RMB 31.605 billion, a 37.1% YoY increase, with a gross margin of 16.9% [1] - The company's 1Q24 revenue was RMB 7.508 billion, with a gross margin of 17.9%, up 0.9 percentage points QoQ [1][2] - Net profit attributable to the parent company in 1Q24 was RMB 69.1 million, down 8.6% YoY and 89.3% QoQ [2] Profit Forecast - The report lowers the 2024-2025 revenue forecasts by 32.0% and 31.2% to RMB 37.805 billion and RMB 47.252 billion, respectively [3] - The 2024-2025 net profit forecasts are reduced by 40.2% and 43.1% to RMB 1.492 billion and RMB 2.127 billion, respectively [3] - For 2026, the company is expected to achieve revenue of RMB 61.471 billion and net profit of RMB 2.945 billion [3] Valuation - The report assigns a 20x P/E ratio for 2024, slightly above the historical average of 18x, resulting in a target price of RMB 16.70 [5] - Guoxuan High-Tech's 2024 PEG ratio is 0.36, higher than the industry average of 0.32 [5] Industry Outlook - The downstream new energy vehicle industry is experiencing a price war, leading to intensified competition in the domestic battery market [5] - The company's overseas business expansion, particularly in the US and Europe, is expected to drive future growth [1][5]

2024 年4 月17 日 高端制造: 超配 证券研究报告 / 业绩点评报告 宁德时代 (300750 CH, 买入, 目标价: RMB244.10) 1Q24 盈利超预期，经营性现金流快速增长 目标价: RMB244.10 当前股价: RMB197.14 • 1Q24 盈利能力超预期，毛利率/净利率分别为26.4%/13.2%（同比提升5.1/2.2 个百 股价上行/下行空间 +24% 分点）。 52周最高/最低价 (RMB) 251.33/140.40 市值 (US$mn) 119,808 • 多款配套宁德电池的新车型上市贡献增量，1Q24 国内动力电池装机份额提升至 当前发行数量(百万股) 4,399 48.9%；当季储能电池出货占比20%。 三个月平均日交易額 682 (US$mn) • 维持“买入”评级，目标价上调至244.10 元。 流通盘占比 (%) 88 主要股东 (%) 1Q24 盈利超预期，存货管理改善提升现金流水平。根据宁德时代1Q24 季报，公司实现 厦门瑞庭投资有限公司 23 收入797.7 亿元，同环比分别下滑10.4%/24.9%，主要由于原材料价格下滑导致销售单价 黄世霖 11 ...

2024 年4 月12 日 食品、饮料及烟草: 中性 授权转发报告/ 业绩点评报告 百威亚太 (1876 HK, 买入, 目标价: HK$18.90) 高销量基数或令 1H24 短期承压，但全年前景保持不变 目标价: HK$18.90 当前股价: HK$10.94 • 1Q23 中韩市场销量高基数可能会拖累百威亚太1H24 销量表现。 股价上行/下行空间 +73% • 管理层预计，1Q24 平均销售价格的高个位数增长将推动毛利率进一步扩张，并维持 52周最高/最低价 (HK$) 24.85/10.40 市值 (US$mn) 18,502 正常化息税前利润率同比持平。 当前发行数量(百万股) 13,243 • 重申“买入”评级，目标价18.90 港元不变（对应 30.1 倍 2024 年 P/E）。 三个月平均日交易額 28 (US$mn) 流通盘占比 (%) 13 此港股通报告之英文版本于2024 年4 月10 日上午6 时由华兴证券（香港）发布。中 主要股东 (%) 文版由华兴证券的姜雪烽（证券分析师登记编号：S1680519070001）审核。如果您想 百威英博 87 进一步讨论本报告所述观点，请与您在华 ...

s 2024 年4 月12 日 证券研究报告 / 行业更新报告 医药 医药月报（三月）：国务院发布大规模设备更新行动方 案，医疗设备四大领域或将受益 • 统计时间段内， A 股超小盘、小盘均上涨， H 股小盘、中盘均上涨。 • 2024 年医保基金监管高压态势持续，医药反腐持续推进。 • 我们预计2024 年行业业绩增长有望超过10%并将推动估值修复。 根据万得数据，统计时间段内（2024/3/10-2024/4/10）申万医药A 股（461 家）共有251 家公司上涨，按照子行业来看，涨幅数量前三的为化学制剂71 家，中药43 家，原料药31 家。统计时间段内申万医药H 股（87 家）共有39 家公司上涨，按照子行业来看，涨幅数 量前三的为其他生物制品10 家，原料药各6 家，化学制剂、医疗耗材各5 家。 本月重点新闻政策： 1）国务院发布《推动大规模设备更新和消费品以旧换新行动方案》（以下简称《方 案》）。其中指出，到2027 年，工业、农业、建筑、交通、教育、文旅、医疗等领域设 备投资规模较2023 年增长25%以上。此轮《方案》明确点名医疗设备四大领域更新改造： 医学影像、放射治疗、远程诊疗、手术机器 ...

2024 年4 月12 日 食品、饮料及烟草: 中性 授权转发报告/ 业绩点评报告 华润啤酒 (291 HK, 买入, 目标价: HK$39.50) 2024 年展望：轻装上阵，快步前行 目标价: HK$39.50 当前股价: HK$34.05 • 成本下行及持续的产品升级战略有望推动啤酒业务利润率和净利润双增。 股价上行/下行空间 +16% • 白酒收入有望重启健康增长，进而带动经营杠杆改善。 52周最高/最低价 (HK$) 65.40/27.20 市值 (US$mn) 14,106 • 重申“买入”评级，下调目标价至39.50 港元（对应11.0 倍2024 年 当前发行数量(百万股) 3,244 EV/EBITDA）。 三个月平均日交易額 53 (US$mn) 流通盘占比 (%) 48 此港股通报告之英文版本于2024 年4 月10 日上午6 时由华兴证券（香港）发布。中 主要股东 (%) 文版由华兴证券的姜雪烽（证券分析师登记编号：S1680519070001）审核。如果您想 中国华润有限公司 52 进一步讨论本报告所述观点，请与您在华兴证券的销售代表联系。 按2024 年4 月9 日收市数据 资料来 ...

Investment Rating - The report maintains a "Buy" rating for Qingdao Beer with a target price of HK$101.00, slightly down from the previous HK$101.58 [1][4]. Core Insights - The report indicates that despite a significant increase in sales and distribution expenses in Q4 2023, the profit margin expansion trend is expected to continue into 2024, driven by product upgrades and a decrease in the sales and distribution expense ratio [1][2][4]. - The adjusted net profit for 2024 is projected at RMB 40.87 billion, which is 7.7% lower than previous forecasts due to increased brand investment following negative news in November 2023 [1][3]. - The report highlights that the average selling price of beer increased by 6.8% year-on-year in 2023, while sales volume decreased by 0.8%, indicating a shift towards higher-end products [1][2]. Financial Summary - Revenue for 2023 was RMB 31.55 billion, with a year-on-year growth of 5.9%. The projected revenue for 2024 is RMB 33.40 billion, maintaining the same growth rate [2][7]. - The gross profit margin for 2023 was 34.0%, expected to rise to 36.1% in 2024, reflecting ongoing improvements in product mix and cost management [2][10]. - The adjusted earnings per share (EPS) for 2024 is estimated at RMB 3.64, down from RMB 3.82 previously forecasted, indicating a 5% decrease [1][3]. Valuation - The report uses a 15x adjusted EV/EBITDA multiple for valuation, which is higher than the current multiples of 9.0x for Chinese beer companies and 12.8x for liquor companies, reflecting the company's positive revenue structure changes and profit margin improvements [4][5]. - The target price of HK$101.00 is based on updated earnings forecasts and a revised exchange rate assumption of 1.10 for RMB/HKD [4][5]. Market Comparison - Qingdao Beer is compared with peers such as China Resources Beer and Budweiser APAC, showing a competitive position in terms of valuation metrics like P/E and EV/EBITDA [5]. - The report notes that Qingdao Beer trades at a P/E of 12.6x for 2024E, which is attractive given the expected growth in profit margins and revenue [5][10].

Investment Rating - The report initiates coverage on ASMPT with a "Buy" rating and a target price of HK$150.00, representing a potential upside of 50% from the current price of HK$100.00 [1][8]. Core Insights - ASMPT is positioned as a leader in the thermocompression bonding (TCB) market, with the largest installed base globally and a strong technological advantage, making it the preferred solution for chip-to-substrate (C2S) and chip-to-wafer (C2W) bonding in AI and high-performance computing (HPC) applications [4][10]. - The advanced packaging segment has seen significant growth, contributing 22% of ASMPT's total sales in 2023, and is expected to drive valuation re-rating as the company shifts focus towards higher-margin, faster-growing advanced packaging solutions [6][8]. - The report highlights the importance of electrochemical deposition (ECD) equipment, which is increasingly recognized as a critical tool in advanced packaging, with potential for significant profit growth due to its high margins and strategic positioning in the market [5][20]. Summary by Sections Investment Overview - ASMPT is recognized as a key enabler in the TCB market, with its Firebird series being the leading technology for advanced packaging applications [4][9]. - The company has a strong customer base primarily consisting of foundries and integrated device manufacturers (IDMs), which supports its growth in advanced packaging [17]. Financial Analysis - The report forecasts a compound annual growth rate (CAGR) of 17% for ASMPT's sales from 2023 to 2026, driven by increasing orders in semiconductor solutions [2][6]. - The gross margin is expected to improve gradually, supported by high R&D investments and operational leverage [2][6]. Valuation - The target price of HK$150.00 is based on a 25x P/E ratio for 2025, which is above the historical average since 2020 when advanced packaging began contributing significantly to revenue [8][6]. - The report suggests that ASMPT's current stock price is undervalued compared to its global peers, considering its strategic shift towards higher-value advanced packaging [8][6].